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Where Does My Money Go?

This article was written by in Uncategorized. 4 comments.

Eric asked me where I can cut back my expenses. I was actually working on this issue as he was posting this question. (It’s been a slow morning at work.)

The chart below shows where my money from each paycheck is going and underneath there are some comments.

Where? Pctg  Paycheck Amount  Monthly Equiv
Sav: Roth IRA 10%       153.85       333.33
Sav: 401(k) 4%         61.01       132.18
Sav: Vacation Fund 3%         50.00       108.33
Sav: Relocation Fund 3%         50.00       108.33
Total Save 21%       314.85       682.18
Bill: Rent 26%       396.00       858.00
Bill: Taxes 20%       305.04       660.92
Bill: Utlities 9%       138.46       300.00
Bill: Car 9%       138.46       300.00
Bill: Food 6%         92.31       200.00
Bill: Insurance 5%        
Total Spend 76%   1,153.05   2,498.28
Unassigned 4%         57.28       124.11
Total Paycheck 100%   1,525.19   3,304.58

This leaves me only 4% to spend on incidentals, so I don’t have a lot of flexibility. In fact, looking at the numbers, I’m not quite sure how I’m making this work.

My Emergency Fund ($4,000 in ING Direct plus my past contributions to the Roth IRA) is fully funded.

The numbers don’t include overtime or the small income from web design and hosting. Those go directly into savings as well.

Updated February 6, 2012 and originally published June 13, 2005.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

avatar 1 Anonymous

Most times that I try to run numbers on my income and expenses, it doesn’t actually work. On paper, it never seems to work. And yet, somehow, in reality it does work. Not that I’m complaining, but oftentimes life has a way of working itself out.

avatar 2 Anonymous

Great chart: filling it in, I’m pleased to see another confirmation that my finances are about where I want the to be. Thanks for posting that!